2017 3D SEISMIC DATA RECEIVED AND INITIAL EVALUATION COMPLETE
INTERPRETATION CONFIRMS THE PRESENCE OF THE LARGE DUNQUIN SOUTH PROSPECT
LARGE POTENTIAL BREACH POINT IMAGED OVER DUNQUIN NORTH PROSPECT
Dublin and London – July 20, 2018 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas ExplorationCompany (the “Company”), today provides a technical update regarding Frontier Exploration Licence (“FEL”) 3/04 locatedin the southern Porcupine Basin. FEL 3/04 is operated by Eni Ireland BV (36.913%) on behalf of its partners, Repsol Exploracion Irlanda SA (33.557%), Providence Resources P.l.c. (26.846%) and Sosina Exploration Limited (2.684%),collectively referred to as the “FEL 3/04 Partners”. The licence contains the undrilled Lower Cretaceous “Dunquin South”carbonate exploration prospect as well as the “Dunquin North” residual oil accumulation.
The FEL 3/04 Partners have now received the recently acquired Dunquin 3D seismic data and an initial interpretation has been completed. This interpretation has confirmed the presence of the previously mapped Dunquin South prospect. In addition, a large and significant potential fluid escape feature is evident over the previously drilled Dunquin North prospect. No such feature is evident over the Dunquin South prospect. Imaging of the underlying c. 700 km2 Dunquin Ridge has also been greatly enhanced and the internal reflectivity, in tandem with the seismic interval velocities, indicate the ridge to be of sedimentary origin.
Speaking today, Dr John O'Sullivan, Technical Director of Providence said,
“The new 3D seismic data over FEL 3/04 are greatly enhancing our understanding of the exciting exploration potential ofthis block. The presence of a major chimney over Dunquin North has been identified as the main reason for prospect failure. It is obviously highly encouraging that no such feature has been identified over Dunquin South, which we believe substantially de-risks this exciting exploration prospect.
In addition, the data are suggesting a sedimentary versus volcanic origin for the erstwhile enigmatic Dunquin Ridge, which itself may provide another very significant stacked exploration target for a future Dunquin South well.”